(Alliance News) - Oilex Ltd on Tuesday said it declined the first of refusal for Gujarat State Petroleum Corp's stake in the Cambay oil field in India.
GSPC has a 55% stake in Cambay. Back in September, Perth-based Oilex said GSPC began a formal sales process to dispose of its stake.
Oilex on Tuesday added: "With the first right of refusal now declined by Oilex, the company understands that GSPC can now move forward to execute the final sale agreement with the preferred bidder and make the applicable submissions to government of India."
Oilex Managing Director Joe Salomon added: "This places us a step closer to realising the potential that has long been recognised in the Cambay project."
Shares in the company were 8.3% higher at 0.15 pence each in London on Tuesday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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